Industry Background:
Embedded insurance is the real-time combination and sale of insurance coverage or protective measures while a customer is purchasing products or services, bringing this same media attention directly to the customer at the time of purchase. Embedded insurance is about providing customers with affordable, relevant, and customized insurance when they need it the most.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Wrisk Transfer (United Kingdom), Trov Insurance Solution (United States), Qover (United Kingdom), Players Health (United States), OptioPay (Germany), Kasko (United Kingdom), Hokodo Services (United Kingdom), GUARDHOG (United Kingdom) and Extracover (United Kingdom) |
This growth is primarily driven by Increasing Demand for Embedded Banking Due to Ease of Use for Customers and Rise of Digital Platforms for Embedded Insurance.
Globally, a noticeable market trend is evident Rising Prevalence of Banking-as-a-Service
Major Players, such as Wrisk Transfer (United Kingdom), Trov Insurance Solution (United States), Qover (United Kingdom), Players Health (United States), OptioPay (Germany), Kasko (United Kingdom), Hokodo Services (United Kingdom), GUARDHOG (United Kingdom) and Extracover (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market.
Key Developments in the Market:
In December 2023, Tractable collaborates with AIG to leverage Tractable's AI-powered claims platform for faster and more efficient auto insurance claims processing
In December 2023, Lemonade announces the launch of Lemonade Car, a renters insurance product with embedded car insurance for on-demand coverage.
Regulatory Insights:
Governments of various countries in Latin America have introduced improved regulations and frameworks. Brazilian government launched a regulatory sandbox for a selected group of insurance companies, supervised by the Brazil Insurance Superintendent (SUSEP). The regulatory sandbox is expected to spur insurance market innovation.
Influencing Trend:
Rising Prevalence of Banking-as-a-Service and Rapid Development of Automation and APIs in Banking
Market Growth Drivers:
Increasing Demand for Embedded Banking Due to Ease of Use for Customers and Rise of Digital Platforms for Embedded Insurance
Challenges:
Lack of Awareness in Emerging Economies and Growing Threat of Cybersecurity
Restraints:
Resistance of Banks to Adopt Embedded Banking could Hamper Market Growth
Opportunities:
Growing Demand for Embedded Banking Due to Regulatory Compliance Such as Payment Services and Rising Opportunities for Direct-to-Consumer and FinTech Companies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Embedded Insurance Market
- Analysis about New Entrants in Embedded Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Embedded Insurance Study Sheds Light on
The Embedded Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Embedded Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Embedded Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.